Contracts and Risk Management
From contract selection, negotiation and formation through to collateral warranties and performance bonds, we can manage and implement precise commercial management to ensure you maintain full visibility and control of your businesses liabilities and risk exposure.
Contracts and Risk Management
Contracts are at the heart of all construction projects, whether in the form of a heavily amended JCT contract, or a verbal agreement with a builder. Understanding what the contract requires you to do, and when you must do it, is the first step towards a successful risk management strategy. Most parties wish to avoid being ‘contractual’, and the best way to do this is to ensure you take the right steps to ensure the contracts you sign are aligned with your expectations and understanding of what you’re agreeing to do or to receive.
Our Contracts and Risk Management service offers support and guidance in the following areas;
- Review of proposed contract documentation to advise on hidden risks, payment mechanisms, design obligations, notice periods and the like.
- Negotiation of contract documentation to limit exposure and ensure an acceptable risk position.
- Review of Collateral Warranties and Third-Party Rights provisions.
- Review of Performance Bond requirements including agreeing wording and particulars, obtaining prices and implementation.
- Insurance policy review and management to ensure necessary cover is in place at commercially reasonable rates.
Contract Amendments
Quite often, a proposed standard form contract comes with anywhere from 10 to 50 pages of amendments, which substantially alter the standard from contract and sometimes look to impose obligations and alter the balance of risk far beyond what the contracting party anticipated. Having reviewed countless numbers of contracts and identified and negotiated problematic clauses and provisions, Atlas Rock Solutions can provide reasoned and detailed advice on how to approach your next contract opportunity.
Insurance
When tendering for or entering a contract it is essential to understand the insurance requirements. From PI Insurance to Contract Works Insurance, having the right insurance in place for the project is vital to mitigate your liability in the event of an insurable risk occurring. We can assess what is required, and ensure you have cover in place, at commercial rates.
Clients and Contractors will also need to consider insurance for their employees, their premises, their plant and machinery, their fleet, and the public. We can undertake a detailed audit of your existing policies and current requirements and ensure they are aligned, while advising on any conditions that must be met to ensure you remain covered as expected. For example, we have encountered policy wording that requires a particular grade of lock to be used to secure material storage containers. The small details can have a large impact on your ability to claim.
Contact Us Today to Discuss Your Requirements